Beijing Pushes Domestic Oil Production as Iranian Supply Dries Up
China needs its biggest oil and gas producers to drill more, explore more, and build strategic supply bases as the Iran war forces Beijing to confront an uncomfortable reality: even the world's largest crude stockpile cannot replace a dependable supply of oil indefinitely. China's National Energy Ad
Source: OilPrice.com
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DW NOTE
China ordered state firms to accelerate domestic oil production after relying on Iranian crude that now can't leave the Persian Gulf. When you've built supply chains around sanctioned oil and the strait shuts for eight months, the options are drill at home or ration. Beijing chose the former.